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WATER LEASE AGREEMENT <br /> THIS AGREEMENT is made and entered into this 20�'day of April, 2023,by and <br /> between Denver Julesburg Water Resource Partners, LLC ("DJWRP"), a Colorado limited <br /> liability company ("Lessor") and Flatiron Constructors, Inc., a Colorado limited liability <br /> company ("Flatiron" or"Lessee). <br /> RECITALS <br /> WHEREAS,Lessor has certain fully consumable water credits available for lease in the <br /> South Platte River basin. <br /> i <br /> WHEREAS,Lessee has a need for fully consumable water credits in order to pay prior <br /> depletions arising in the South Platte River Basin. Lessee understands the credits at issue in this <br /> agreement will satisfy the relevant government agencies, based on input from the Colorado <br /> Division of Water Resources. Lessor makes no warranties regarding the final approval by <br /> relevant government agencies for Lessee's use of the credits. <br /> WHEREAS,Lessor is willing to lease and Lessee is interested in leasing DJWRP's fully <br /> consumable water credits as described below. <br /> NOW THEREFORE in consideration of the mutual covenants and promises of the <br /> parties hereto,it is agreed as follows: <br /> 1. Lessor shall lease 20.91 acre-feet of raw water credit to Lessee without warranty <br /> for Lessee's use in its Substitute Water Supply Plan"SWSP"to cover depletions that arose due <br /> to operations of the Camenish Borrow Pit. <br /> 2. The Parties agree that the volume of water to be leased under this agreement totals <br /> 20.91 acre-feet. Upon execution of this Lease and upon satisfaction of the lease payment terms, <br /> 20.91 acre-feet of Lessor's excess fully consumable water credits previously arising in the <br /> South Platte River basin shall be utilized by Lessee in satisfaction of its depletion obligation <br /> under its forthcoming SWSP. <br /> 3. Lessee shall pay lessor for this water at a rate of$400 per acre-foot,resulting in a <br /> total of$8,363.41 due upon execution of this lease. <br /> 4. At the execution of this Lease Agreement, Lessor has provided Lessee with <br /> accounting demonstrating the availability of the leased raw water credits in the amounts set forth <br /> in Table 1 (attached). <br /> 5. The leased water is provided to lessor"as is" and"where is". The Parties <br /> expressly acknowledge and agree that the Lessor has made no representation or warranty as to <br /> the quality of or fitness for any use of the water delivered hereunder. Lessee hereby waives any <br /> actual or potential rights it might have concerning any warranties from Lessor as to the fitness <br /> for a particular use,product liability claims, and all other extant or later created or conceived of <br /> I <br />